gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d0a4d91e4fa07738
Response Measures
None
Description
The bank was closed by examiners due to frozen assets/insolvency before a crowd gathered to withdraw funds; despite long-term efforts to reopen, it remained defunct.
Events (4)
1.July 15, 1922Run
Cause
Rumor Or Misinformation
Cause Details
Rumors of the bank's failure spread after the examiner closed the doors.
Measures
A detail of police was called to clear the place of its customers and manage the crowd.
Newspaper Excerpt
Rumors that the bank had failed spread like wildfire... In a few minutes a crowd of several hundred people gathered in front of the building in an effort to withdraw their savings.
Source
newspapers
2.July 15, 1922Suspension
Cause
Bank Specific Adverse Info
Cause Details
Presence of $83,500 in unsecured obligations of the Bonded Realty Company in the bank's assets.
Newspaper Excerpt
The Mechanics' Savings Bank... was closed yesterday afternoon by Chief State Bank Examiner F. B. Richardson. by order of the State Corporation Commission.
Source
newspapers
3.July 17, 1922Receivership
Newspaper Excerpt
On Monday afternoon Judge Moncure. in Chancery Court, appointed James W. Gordon and J. R. Tucker receivers for the bank.
Source
newspapers
4.February 26, 1923Other
Newspaper Excerpt
The case of the Commonwealth against John Mitchell, president of the Mechanics' Savings Bank (colored), will be called for trial today... accused faces charge of misappropriating certain funds.
Source
newspapers
Newspaper Articles (24)
1.July 16, 1922Richmond Times-DispatchRichmond, VA
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Article Text
MECHANICS' SAVINGS BANK IS CLOSED BY EXAMINER Rumors That Institution Had "Failed" Spread Through Jackson Ward, Where Majority of 10,000 Depositors Live, and Detail of Police Called to Scene. The Mechanics' Savings Bank, a morrow or Tuesday. It was shortly after 3 o'clock that colored institution, at 214 East Clay the two deputy examiners under orStreet, was closed yesterday afterders from Mr. Richardson, presented noon by Chief State Bank Examiner their credentials to Albert V. Norrell F. B. Richardeon. by order of the Jr., cashier of the bank. instructed State Corporation Commission. The Detective Captain Alexander S. appointment of a receiver for the AfWright and Detective Sergeants fairs of the bank will probably be Wilshire and Organ to clear The asked for tomorrow in one of" the place of its customers, and closed the courts of this city. doors. The order to suspend operations Rumors that the bank had "failed" was given late in the afternoon and spread like wildfire through old was received with surprise by John Jackson Ward. where the majority of Mitchell, Jr., president of the Instithe more than 10,000 depositors live. tution. Mitchell declared last night In a few minutes a crowd of several that the bank was solvent and that hundred people gathered in front of the eavings of the depositors were the building in an effort to withdraw seoure. He also said that the bank their savings. A detail of police probably will reopen for business to(Continued on Page 8, Coi. 1.)
2.July 18, 1922The Washington TimesWashington, DC
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Article Text
TWO RECEIVERS NAMED FOR RICHMOND BANK RICHMOND. VA.. July 18.-On petition of the State Corporation Commission. J. Ran Tucker and James W. Gordon were appointed receivers for the Mechanics Savings Bank. the doors of which were closed Saturday afternoon. According to F. B. Richardson,
3.August 26, 1922Richmond Times-DispatchRichmond, VA
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Article Text
Was Closed July 15. The Mechanics' Savings Bank is logated at 214 East Clay Street, and was closed by State Bank Examiner F. B. Richardson on order of the State Corporation Commission on the afternoon of Saturday, July 15. It was said that it had 10,000 depositors, and at the time It was closed John Mitchell declared it was solvent and would shortly open for business. On Monday afternoon Judge Moncure. in Chancery Court, appointed James W. Gordon and J. R. Tucker receivers for the bank. and John Mitchell said he would give the $83,000 surety required for alleged liabilities. The Richmond ClearingHouse Association a few days later agreed to advance the amount necessary for reopening the bank on condition that substantial security be given. An effort was made last Weitnesday by Mitchell to have the bank reopened and operated under the banking division supervision, but this was opposed by the receivers, and Judge Moncure refused the request.
4.September 23, 1922Richmond PlanetRichmond, VA
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Article Text
URGE PASS--BOOK DELIVERY We recommend and urge all depositors to carry their pass-books to the Receivers of the Mechanics Savings Bank, taking a receipt therefor, in order to facilitate the early reopening of that institution. On motion of Rev. J. W. Pryor, See onded by John F. Brown, the report of the committee was unanimously adopted. The conditional agreement on the part of the depositors was sign ed and sent up to the secretary's table. The utmost harmony prevailed. Mr. Frank Hallion served as secretary. Benediction was announced by Rev. J.W. Pryor.
5.October 14, 1922The Chicago WhipChicago, IL
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Article Text
# The Extract
"And it being represented to the Court that the closing of said bank by the plaintiff was because of the presence in its assets of obligations of the Bonded Realty Company Inc., amounting to the sum of $83,500.00, which are not secured to the satisfaction of the plaintiff and it being further represented to the Court that there is a reasonable prospect of the defendant being able, within a short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Company, Inc., and as to the entire solvency of said bank, it is further ordered that said receivers be authorized and instructed to report to the Court, at the earliest possible date, together with a statement of the assets and liabilities of said bank, such offers and plans as may be submitted to them by the defendants, or others on its behalf, with a view of satisfying the requirements of the plaintiff and effecting a prompt discharge of said receivers, and the return of the assets of said Mechanics' Savings Bank, of Richmond, Va., to its proper authorities."
6.November 18, 1922The Chicago WhipChicago, IL
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Article Text
CONDITION OF RICHMOND BANK STILL IN DOUBT RICHMOND, Va., Nov. 11.-The receivers of the Mechanics Savings Bank have not made any report as yet relative to the assets and liabilities of that institution, although the auditors have been observed working recently as late as 10 o'clock at mght, with practically all of the lights burning, including the street lights. No move-
7.December 2, 1922The Chicago WhipChicago, IL
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Article Text
Receiver Asks Mitchell for $11,000 RICHMOND, Va., Dec. 2.-Receivers for the Mechanics' Savings Bank here have demanded that John Mitchell, former president, liquidate personal debts of $11,000.
8.December 16, 1922The Chicago WhipChicago, IL
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MITCHEEL SIGNS TRUST DEED FOR $100,000 RICHMOND, VA., Dec. 16.-In order to protect the depositors of the now defunct Mechanics Savings Bank, John Mitchell, former president, has signed a trust deed for $100,000 in favor of the bank and the Knights of Pythias. The trust deed is secured by real estate owned by Mr. Mitchell Mr. worth approximately $231,000. Mitchell complains that the receivers have delayed auditing the books.
9.February 26, 1923Richmond Times-DispatchRichmond, VA
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Article Text
MITCHELL CASE SET FOR TRIAL HERE TODAY
Accused Faces Charge of Misappropriating Certain Funds of Bank He Heads.
The case of the Commonwealth against John Mitchell, president of the Mechanics' Savings Bank (colored), will be called for trial today in Hustings Court.
Mitchell is alleged in indictment to have misappropriated certain funds of the bank. He claims that while there is an apparent discrepancy in the various statements as to the liabilities and the assets of the bank, whatever errors that may be are through bad bookkeeping and not through criminal irregularities or negligence.
Mitchell is represented by S. S. P. Patteson and R. Lynch Montague. The bank has been closed several months, pending official examination of the books.
10.April 28, 1923Richmond PlanetRichmond, VA
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Article Text
But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank.
11.June 2, 1923Richmond PlanetRichmond, VA
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COLORED CITIZENS SEEK REOPENING OF MECHANICS BANK. Twelve hundred colored citizens met in Fifth Street Baptist Church last night and adopted resolutions pro viding for the appointment of a com-mittee to meet with receivers, and authorized counsel to confer with the State Corporation Commission ana the Judge of the Chancery Court as to the proper steps necessary for the reopening of the Mechanics Savings Bank. Faith in the integrity of John Mitchell, Jr., president of the Bank, who was recently sentenced was expressed and plans were made for the raising or a fund for his defense. (Richmond Va., Times Dispatch May 26, 1923.)
12.June 23, 1923Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that these depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted so to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL, JR.
13.June 30, 1923Richmond PlanetRichmond, VA
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' ' And it being represented to the Court that the closing of said bank by the plaintiff was because of the presence in its assets of obligations of the Bonded Realty Company, Inc., amounting to the sum of $83,500.00, which are not secured to the satisfaction of the plaintiff and it being further represented to the Court that there is a reasonable prospect of the defendant being able, within a short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Company. Inc., and as to the entire solvency of said bank, it is further ordered that said receivers be authorized and instructed to report to the Court, at the earliest possible date, together with a statement of the assets and liabilities of said bank, such offers and plans as may be submitted to them by the defendants, or others on its behalf, with a view of satisfying the requirements of the plaintiff and effecting a prompt discharge of said receivers, and the return of the assets of said Mechanics' Savings Bank, of Richmond, Va. to its proper authorities.''
14.July 28, 1923Richmond PlanetRichmond, VA
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The Baptist Ministers' Conference of Richmond Va., Rev. Evans Payne, D. D., pastor of the Fourth Baptisu church, at its special meeting Monday morning July 23rd at the Ebenezer Baptist Church unanimously adopted a resolution endorsing and recomending that the depositors of the Mechan ic Savings Bank sign the petition for the ending of the receivership at the Mechanics Savings Bank and the It opening of that institution. This was the result OF a determined effort of Rev. T. J. J. Mosby pastor of the New Baptist Church, who had given much time to the study of conditions and the working out of some plan to benefit the depositors.
15.September 1, 1923Richmond PlanetRichmond, VA
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HIGH BANKING OFFICIAL ENDORSES PLAN In referring to the plan for the vacating of the receivership and the reopening of the Mechanics Savings Bank, a high official in one of the leading banks of the city in a letter received Thursday. August 30, 1923, writes among other things: "I think your plan is a happy solution of the problem. if it can be carred out." The people to carry it out are the depositors. Notify those who have not. already signed.
16.October 20, 1923Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted so to do. The depositors stand pledged not to make any run OR the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL, JR.
17.October 27, 1923Richmond PlanetRichmond, VA
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Corporation Commission, the Mechanics Savings Bank will reopen. The recoivers re-echoed the opinion of the State Corporation Counsel, Oscar Shumake, Esq. John Mitchell, Jr. announced that the requirements would be complied with upon securing the necessary signatures of the depositors
18.November 3, 1923Richmond PlanetRichmond, VA
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' 'And it being represented to the Court that the clesing of said bank by the plaintiff was because of the presence in its assets of obligations of the Bonded Realty Company, Inc., amounting to the sum of $83,500.00, which are not secured to the satisfaction of the plaintiff and it being further represented to the Court that there is a reasonable prospect of the defendant being able, within a short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Company. Inc., and as to the entire solvency of said bank, it is further ordered that said receivers be authorized and instructed to report to the Court, at the earliest possible date, together with a statement of the assets and liabilities of said bank, such offers and plans as may be submitted to them by the defendants, or others on its behalf, with a view of satisfying the requirements of the plaintiff and effecting a prompt discharge of said receivers. and the return of the assets of said Mechanics' Savings Bank, of Richmond, Va. to its proper authorities.''
RICHMOND SAVINGS BANK TO OPEN Richmond, Va., Nov. 8.-Receivers for the Mechanics' Savings bank yesterday voiced their approval of the plan now under way to reopen the bank, and advised members of the advisory committee that they would consider the proposals as soon as the proper papers have been made out, and the signatures of all depositors agreeing to waive 50 per cent of the deposits had been secured. The matter was presented by a subcommittee consisting of Colonel C. R. Kelley, James D. Leckey and Rev. T. J. J. Moseby and John Mitchell, Jr.
20.December 22, 1923Richmond PlanetRichmond, VA
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MECHANICS SAVINGS BANK CASE NEARS ADJUDICATION The Mechanics Savings Bank case is now in the hands of the special attorney having charge of the matter and it is understood that the State Corporation Commission and the Chancery Court will be approached in conjunction with the final settlement of the matter by the vacating of the Receivership and in coopera-
21.December 22, 1923Richmond PlanetRichmond, VA
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' 'And it being represented to the Court that the closing of said bank by the plaintiff was Decause of the presence in its assets of obligations of the Bonded Realty Company, Inc., amounting to the sum of $83,500.00, which are not secured to the satisfaction of the plaintiff and it being further represented to the Court that there is a reasonable prospect of the defendant being able, within a short time, of satisfying the plaintiff as to said obligations of the Bonded Realty Company, Inc., and as to the entire solvency of said bank, it is further ordered that said receivers be authorized and instructed to report to the Court, at the earliest possible date, together with a statement of the assets and liabilities of said bank, such offers and plans as may be submitted to them by the defendants, or others on its behalf, with a view of satisfying the requirements of the plaintiff and effecting a prompt discharge of said receivers, and the return of the assets of said Mechanics' Savings Bank, of Richmond, Va. to its proper authorities."
22.February 2, 1924Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositors have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may. in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their money may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL. JR.
23.March 1, 1924Richmond PlanetRichmond, VA
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But how much more is needed? The Receivers assert that they cannot determine this amount until all the pass-books of the depositers have been turned in and balanced. To meet this condition the depositors, in meeting assembled, by unanimous vote, decided to share in any liability in excess of the amount already ascertained. This relieves the situation and enables the Receivers to strike a balance and submit the same to the Court with such a recommendation as may, in their judgment be fair to the people whom they represent. This then will necessarily end the delay as the Receivers have been unofficially reported to be in favor of re-opening the Bank and willing to do all in their power to help the colored people of this community. The issue is plain. Personal feeling and animosities should not figure in this matter. Let us re-open the Mechanics Savings Bank in order that those depositors who are urgently in need of some of their ToHey may be able to get it and those who wish to deposit their savings may be permitted SO to do. The depositors stand pledged not to make any run on the Bank Other issues and conditions can be met as they are presented The primary purpose at this time is to do business again. Let us ascertain the approximate amount of liability, put up the assets necessary and with the aid and support of the good white people and the self-sacrificing colored ones, backed by an abiding faith in the Almighty God, let us re-open the Bank. JOHN MITCHELL. JR.
24.July 10, 1926Richmond PlanetRichmond, VA
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K. OF P. IN STAUNTON I STAUNTON, VA., June 26-In diacussing here the situation concerning the affairs of the Mechanics Savings Bank of Richmond, Mr. John Mitch ell, Jr. said that his only interest was to secure every penny possible for the depositors of the bank. With the aid of his white friends and the support of the colored, ones, he hoped and expected to be able to pay in full ultimately the amount on de posit in that institution. He had villingly assigned enough of his property to protect the interest of the Grand Lodge, Knights of Pythiaa and the Grand Court. Order of Ca lanthe. DID NOT RECEIVE BENEFIT. While he did, not benefit himself in any way from the money, it having been taken away from him by clerical errors or worse, he did not shirk responsibility. It was for this reason that he took active interest in the affairs of the bank and the Order. When persons, who had no fraternal interest in the Order were profiting by these misfortunes, he was forced to protest The startling disclosure that W. H. C. Brown, of Newport News, Va., J. R. Pollard of Richmond, and Levi C. Brown were on record as being the promoters of the scheme to purchase the $170.000 worth of the assets for $25,000. and had actually entered into competition with the depositors themselves. bidding as high as $31,250 for the same, made it necessary for him to protest against this action. GRAND CHANCELLOR INVOLVED. It was something more than a surprise. when Attorney W. H. C. Brown announced to the Grand Lodge, as reported, that Grand Chance'lor W. B. F. Crowell was also interested in the effort. Mr. Mitchel] stated that some white speculators at Richmond had willingly gotten out of the way when they found that the colored depositors wanted the assets Here is a copy of the letter sent to Grand Chancellor Crowell THE BROWN-BYRD LETTER. "Richmond. Va.. April 7. 1926 "W. B F. Crowell, Grand Chance! for Grand Lodge. K. of P. of Virginia, 14 N. Henry Street. Roanoke, Va. Dear Brother:- members of the Grand Lodge we are bringing to your attention matters that seem serious to us. "We are informed that the Mechanics Savings Bank owed the Grand Lodge about $70,000 and the Grand Lodge of course, like the balance of the depositors wants and should get back the most they can out of the assets so as to reduce its loss. We are informed that the attorneys of the Grand Lodge are, W. H. C. Brown, of Newport News and J. R. Pollard, attorney of this city, and as attorneys for the Grand Lodge it should be their sole duty to get all they can out of these assets for the Grand Lodge, but we are informed that W. H. C. Brown and Levi C. Brown and J. R. Pollard have organized a corporation among themse'ves for the purpose of buying about $170.000.00 of assets of the Mechanics Savings Bank for the low dollar mark. to Day as little as they can for them. The least they huv them for the more they will individnally make and the more the accord
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
